It appears you are trying to access this site using an outdated browser. As a result, parts of the site may not function properly for you. We recommend updating your browser to its most recent version at your earliest convenience.

Year End Financial Reports

More in this Section...

An outside firm reviews the City's financial statements on an annual basis to ensure accuracy. Included in the audit are a consolidated balance sheet, statement of operations, and cash flow documents. Recent Audited Financial Statements:

Financial Statements are created by a third Party and may not be completely accessible. If you require assistance, please contact the City of Orillia at 705-325-1311.

Financial Statement Definitions

What does 'consolidated' mean? We are required to combine financial activities of all sub-organizations that make up the municipality, including boards and commissions.

What is a Consolidated Statement of Financial Position? This statement used to be called a Balance Sheet. It reports the assets (what the City has or is owed to the City) and liabilities (what the City owes to others).

What is a Consolidated Statement of Operations? This statement used to be called an Income Statement. It lists the revenue and expenses of the City. The statement shows the budget, current year and previous year.

What is the Accumulated Surplus? The accumulated surplus represents the value of the assets that are available to provide the wide range of services required in a municipality. It is primarily made up of capital assets such as roads, water and sewer system, buildings, arenas, vehicles and equipment all used to provide services. A small portion of the accumulated surplus is also invested in reserves. The remainder of the surplus provides ongoing cash flow for current operations.